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Eastman Kodak is working on a Chapter 11 bankruptcy protection filing that could be filed as soon as this month or early February if it cannot sell its digital patents, The Wall Street Journal reported on Wednesday, citing unnamed sources.

Shares of the struggling photo pioneer fell more than 30 percent to 44 cents on the New York Stock Exchange on Wednesday.

A spokesman for Kodak did not immediately respond for a comment.

The newspaper said Kodak is in talks with lenders to secure about $1 billion in debtor-in possession financing to sustain it through any bankruptcy proceedings

The Journal said Kodak is still trying to sell the more than 1,100 patents it put up for sale in July, which could stave off filing for bankruptcy.

If Kodak seeks Chapter 11 protection, it would try to sell its patents through a bankruptcy auction supervised by a court, sources told the newspaper. The Journal added that the company would operate normally while under bankruptcy protection.

On Tuesday, Kodak said it may be kicked off the New York Stock Exchange if it cannot boost its share price over the next six months.